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American Depositary Receipts

The Role of the Depositary Bank

This comprehensive guide provides issuers and other depositary receipt (DR) market participants with detailed information on the many features and benefits of DR programs. It characterizes the different types of ADR and GDR programs and includes insights into investing and transacting in DRs. eBook version

American Depositary Receipts (ADRs): A Primer

This piece provides issuers and other DR market participants with an overview of the ADR product. It defines ADRs, describes the different types of ADR programs, highlights the benefits ADRs provide to issuers and investors, and outlines the key roles and responsibilities involved in the implementation and management of a typical ADR program.

Unsponsored American Depositary Receipt Programs

Primarily targeted to investors, brokers and other intermediaries, this piece summarizes the regulatory development that has led to a surge of new unsponsored ADR programs. It also explains the difference between sponsored and unsponsored ADR programs and describes the role played by the depositary bank in administering unsponsored ADR transactions.

Blue Sky Laws: A Guide for Issuers

This reference guide provides issuers and other DR market participants with a high level overview of state securities “blue sky” laws, with which issuers offering securities for sale must comply. It highlights the relevant registration criteria based on characteristics of the security, nature of trading activity, trading platform and visibility of the issuer, as well as exemption options available to issuers in various states.